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28 Aug 2013
GBP/JPY stalls post corrective price action; holds on to 151.60 front
FXstreet.com (Chicago) - GBP/JPY maintains 0.53% daily gains despite trendless range throughout the afternoon of the American trading session.
Syrian conflict remains main concern
Price action reveals heavy buying power followed by sell-off throughout the Asian trading session. At the opening of the European session, the pound recovered earlier losses after dropping below 151.00 zone and hitting 150.48 lows. In the UK, Mark Carney, new Governor for the Bank of England, spoke at the British Parliament. Among topics mentioned, he made remarks on how the economy is behind the US economic recovery but no major subjects were discussed worth of headlines. The tension remains focused in Syria as France, the UK and the US prepare potential retaliation against the Middle Eastern country. In Japan, the Nikkei 225 closed down 1.51% and the FTSE100 lost 0.17%.
GBP/JPY Technical Levels
Technically speaking, the pair trades at 151.63 between supports at 151.41 (August 15th lows), 151.20 (August 14th lows) ahead of 151.00 (August 5th highs) and resistances at 151.92 (session highs), 152.17 (August 20th lows) followed by 152.43 (August 21st lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.
Syrian conflict remains main concern
Price action reveals heavy buying power followed by sell-off throughout the Asian trading session. At the opening of the European session, the pound recovered earlier losses after dropping below 151.00 zone and hitting 150.48 lows. In the UK, Mark Carney, new Governor for the Bank of England, spoke at the British Parliament. Among topics mentioned, he made remarks on how the economy is behind the US economic recovery but no major subjects were discussed worth of headlines. The tension remains focused in Syria as France, the UK and the US prepare potential retaliation against the Middle Eastern country. In Japan, the Nikkei 225 closed down 1.51% and the FTSE100 lost 0.17%.
GBP/JPY Technical Levels
Technically speaking, the pair trades at 151.63 between supports at 151.41 (August 15th lows), 151.20 (August 14th lows) ahead of 151.00 (August 5th highs) and resistances at 151.92 (session highs), 152.17 (August 20th lows) followed by 152.43 (August 21st lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and is offered above the EMA20.